A Company Shows a Balance in Salaries and Wages Payable $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Salaries and Wages Payable... } & & 50,000 \\\end{array}$

question 60

Short Answer

A company shows a balance in Salaries and Wages Payable of $34000 at the end of the month. The next payroll amounting to $50000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? a. $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Salaries and Wages Payable... } & & 50,000 \\\end{array}$

b. $\begin{array}{lrr} \text { Salaries and Wages Expense. } & 50,000 & \\ \text { Cash} & & 50,000 \\\end{array}$

c. $\begin{array}{lrr} \text { Salaries and Wages Expense } & 16,000 & \\ \text { Cash. } & & 16,000 \\\end{array}$

d. $\begin{array}{lrr}\text { Salaries and Wages Expense... } & 16,000 & \\ \text { Salaries and Wages Payable } & 34,000 & \\\text { Cash. } & & 50,000 \\\end{array}$

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Definitions:

Consensus

Consensus involves an agreement or a general acceptance among a group of people, typically reached after discussion and often used in decision-making processes.

Incubators

Organizations designed to accelerate the growth and success of startup and early-stage companies by providing entrepreneurs with resources and services such as physical space, capital, coaching, common services, and networking connections.

Accelerators

Programs designed to accelerate the growth of startups through mentorship, resources, and funding.

Cognitive Comprehensiveness

A process in which team members examine critical issues with a wide lens and formulate strategies by considering diverse approaches, decision criteria, and courses of action.